China, India and the UK are biggest loser of millionaires as they are likely to leave their countries for better pastures, according to the 2023 edition of Henley’s annual Private Wealth Migration Report.
Around 13,500 high-net worth individuals (HNIs) would leave China. When India will see around 6,500 high-net worth individuals (HNIs) leaving, the figure stands at 3,200 for the UK.
Australia is expected to attract the highest net inflow of HNWIs in 2023 at 5,200, and although the UAE drops into 2nd place following its record-breaking influx in 2022, it is still expected to enjoy an impressive net arrival of 4,500 new millionaires this year. Singapore ranks 3rd with a net inflow of 3,200 HNWIs, its highest on record, followed the US with an expected net influx of 2,100 millionaires.
Switzerland (net inflow of 1,800) and Canada (1,600) are in 5th and 6th place, respectively, with Greece (1,200), France (1,000 — double last year’s net intake of 500 millionaires), Portugal (800), and New Zealand (700) all making it onto this year’s Top 10 list for net HNWI inflows. Israel is predicted to tumble out of the Top 10 with its net inflow of millionaires set to almost halve this year to just 600 compared to 1,100 in 2022.
Dr.Juerg Steffen, CEO of Henley & Partners, says there has been a steady growth in millionaire migration over the past decade, with global figures for 2023 and 2024 expected to be 122,000 and 128,000, respectively. “In general, wealth migration trends look set to revert to pre-pandemic patterns this year, with Australia reclaiming the top spot for net inflows as it did for five years prior to the Covid outbreak, and China seeing the biggest net outflows as it has each year for the past decade. The notable exceptions are former top wealth magnets, the UK and the US.”
America is notably less popular among migrating millionaires today than pre-Covid, perhaps owing in part to the threat of higher taxes. The country still attracts more HNWIs than it loses to emigration, with a net inflow of 2,100 projected for 2023, although this is a staggering drop from 2019 levels, which saw a net inflow of 10,800 millionaires.